Pitch: Halyk Bank is the largest bank in Kazakhstan partially controlled by an oligarch family. The bank is 4x to 5x larger than its next competitor. Also partially a macro bet on Kazachstan on a premise that rich people need banks.
Valuation: Currently trades <4x forward net income with 30% ROE.
Exp. gain: Not provided
Full HSBK.LI write-up (free guest account required):